DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

DBS, Falcon & UBS face Singapore Scrutiny Over 1MDB Transactions

Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB. The Monetary Authority of Singapore is looking at different aspects of the banks operations. The probe could lead to fines and other penalties if lapses are found.

“Singapore central bank is analyzing several banks including UBS & DBS Group Holdings to see if they had broken any regulations in handling transactions linked to Malaysian state fund 1MDB.”

~ Bloomberg

Singapore faces pressure to show that banks in the city-state are complying with increasingly tough anti-money laundering rules around the world. While the United States has imposed hefty fines on banks for lapses related to money laundering, tax evasion and international sanctions.

Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. With over 280 branches across 18 markets in Asia, we are the largest bank in Singapore and Southeast Asia.